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	3 Board of Directors
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    Annual Report 2012
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   <div class="sf_title_level_2"><span class="z_sf_title_level_2_cs" style="">3 Board of Directors</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">The Board of Directors of Siegfried Holding AG comprises seven persons. During the
         three years previous to 2011, none of the members of the Board held an Executive Management
         position within the Siegfried Group or a Siegfried Group company, nor have they had
         a significant business relationship with Siegfried Holding AG or the Siegfried Group.</span></div>
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   <div class="sf_body"><span class="z_sf_body_cs" style="">The following table gives information about the name, position, age and date of entry
         and duration of term in office of the members of the Board of Directors:</span></div>
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   <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">3.1 Members of the Board of Directors </span></div>
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   <table border="0" cellspacing="0" cellpadding="0" width="740px">
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader">Name</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Year of birth</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Position</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Entry</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; line-height:1.2em; " align="right"><span class="TableHeader">Elected until</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Gilbert Achermann</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">1964</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">Chairman, non-executive</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">2011</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " width="80" align="right" nowrap><span class="TableData">2012</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Thomas Staehelin</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1947</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Vice-Chairman, non-executive</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1991</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2012</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Andreas Casutt</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1963</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member, non-executive</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2010</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2013</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Reto A. Garzetti</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1960</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member, non-executive</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2011</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2012</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Beat In-Albon</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1952</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member, non-executive</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2011</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2012</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Felix K. Meyer</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1953</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member, non-executive</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2006</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2012</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Thomas Villiger</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1951</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Member, non-executive</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2011</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2012</span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Honorary Chairman</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Dr. Bernard A. Siegfried</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1934</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData"></span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
      </tr>
      <tr valign="bottom">
         <td height="18" style="line-height:1.0em; padding-bottom:2px;">
            <div><span class="TableHeader">Secretary</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr valign="bottom">
         <td height="16">
            <div><span class="TableData">Peter A. Gehler</span></div>
         </td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">1958</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">Secretary to the Board of Directors</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData">2000</span></td>
         <td width="3"></td>
         <td style="padding:0 2px 0 2px; " align="right" nowrap><span class="TableData"></span></td>
         <td width="3"></td>
      </tr>
      <tr>
         <td colspan="9" class="blueLine"></td>
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    <div style="width: 93px; float: left;">
        <a class="fancybox-effects-c" href="#vr_inbox1" >
            <img src="../images/vr/Achermann_s.jpg" /></a>
    </div>
    <div style="float: left;">
        <p>
            Gilbert Achermann<br>
            Chairman<br>
            <br>
            <a class="fancybox-effects-c" href="#vr_inbox1" title="">&gt; Details</a></p>
    </div>
   
</div>
<div style="width: 245px; float: left;">
    <div style="width: 93px; float: left;">
        <a class="fancybox-effects-c" href="#vr_inbox2">
            <img src="../images/vr/andreas_casutt_s.jpg" /></a>
    </div>
    <div style="float: left;">
        <p>
            Dr. Andreas Casutt<br>
            Vice-Chairman<br>
            <br>
            <a class="fancybox-effects-c" href="#vr_inbox2" title="">&gt; Details</a></p>
    </div>
</div>
<div style="width: 245px; float: left;">
    <div style="width: 93px; float: left;">
        <a class="fancybox-effects-c" href="#vr_inbox3" >
            <img src="../images/vr/Villiger_Thomas_s.jpg" /></a>
    </div>
    <div style="float: left;">
        <p>
            Thomas Villiger, Ph. D.<br>
            Member<br>
            <br>
            <a class="fancybox-effects-c" href="#vr_inbox3" title="">&gt; Details</a></p>
    </div>
</div>
<div class="clearer"></div>
<div class="mddDatacontainerlineWhite" style="background-color: #FFFFFF; height: 6px; width: 748px;">
</div>

<div style="width: 245px; float: left;">
    
    <div style="width: 93px; float: left;">
        <a class="fancybox-effects-c" href="#vr_inbox4" >
            <img src="../images/vr/felix_meyer_s.jpg" /></a>
    </div>
    <div style="float: left;">
        <p>
            Dr. Felix K. Meyer<br>
            Member<br>
            <br>
            <a class="fancybox-effects-c" href="#vr_inbox4" title="">&gt; Details</a></p>
    </div>
</div>
<div style="width: 245px; float: left;">

    <div style="width: 93px; float: left;">
        <a class="fancybox-effects-c" href="#vr_inbox5" >
            <img src="../images/vr/Garzetti_s.jpg" /></a>
    </div>
    <div style="float: left;">
        <p>
            Reto A. Garzetti<br>
            Member<br>
            <br>
            <a class="fancybox-effects-c" href="#vr_inbox5" title="">&gt; Details</a></p>
    </div>
</div>
<div class="mddDatacontainerlineWhite" style="background-color: #FFFFFF; height: 4px; width: 748px;">
</div>




    
    
<div id="vr_inbox1" style="width:670px; display: none;">
    <div style="width:120px; float:left;">
    <img src="../images/vr/Achermann_b.jpg" />
    </div>
    <DIV style="margin-left: 125px;">
    <div class="mddContentText">
   <div class="sf_cg_name"><span class="z_sf_cg_name_cs" style="">Gilbert Achermann</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_cg_function"><span class="z_sf_cg_function_cs" style="">Chairman</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann (1964) joined the Board of Siegfried Holding AG in 2011 as Chairman.
         He is a member of the Board of Directors of the Straumann Holding AG, since 2009,
         and Chairman since April 2010. He began as CFO of the Straumann Group in 1998 and
         took over as CEO in 2002, a position he maintained until March 2010. Previously, he
         worked for UBS for 13 years in investment banking.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann holds an MBA from the IMD Lausanne (Switzerland) and a business
         economics degree from the University for Applied Sciences of St. Gall (Switzerland).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">He also serves on the Board as Vice-Chairman of the Moser Group AG and was recently
         nominated for a position on the Board of Bank Julius Bär AG. He is on the Foundation
         Board of the International Team for Implantology (ITI), an independent academic network,
         and a member of the Board for International Cooperation of Canton Basel-City.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann is a Swiss citizen.</span></div>
   <div class="mddLineBreak"></div>
</div>
    </div>
</div>
<div id="vr_inbox2" style="width:670px; display: none;">
    <div style="width:120px; float:left;">
    <img src="../images/vr/andreas_casutt_b.jpg" />
    </div>
    <DIV style="margin-left: 125px;">
    <div class="mddContentText">
   <div class="sf_cg_name"><span class="z_sf_cg_name_cs" style="">Gilbert Achermann</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_cg_function"><span class="z_sf_cg_function_cs" style="">Chairman</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann (1964) joined the Board of Siegfried Holding AG in 2011 as Chairman.
         He is a member of the Board of Directors of the Straumann Holding AG, since 2009,
         and Chairman since April 2010. He began as CFO of the Straumann Group in 1998 and
         took over as CEO in 2002, a position he maintained until March 2010. Previously, he
         worked for UBS for 13 years in investment banking.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann holds an MBA from the IMD Lausanne (Switzerland) and a business
         economics degree from the University for Applied Sciences of St. Gall (Switzerland).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">He also serves on the Board as Vice-Chairman of the Moser Group AG and was recently
         nominated for a position on the Board of Bank Julius Bär AG. He is on the Foundation
         Board of the International Team for Implantology (ITI), an independent academic network,
         and a member of the Board for International Cooperation of Canton Basel-City.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann is a Swiss citizen.</span></div>
   <div class="mddLineBreak"></div>
</div>
    </div>
</div>
<div id="vr_inbox3" style="width:670px; display: none;">
    <div style="width:120px; float:left;">
    <img src="../images/vr/Villiger_Thomas_b.jpg" />
    </div>
    <DIV style="margin-left: 125px;">
    <div class="mddContentText">
   <div class="sf_cg_name"><span class="z_sf_cg_name_cs" style="">Gilbert Achermann</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_cg_function"><span class="z_sf_cg_function_cs" style="">Chairman</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann (1964) joined the Board of Siegfried Holding AG in 2011 as Chairman.
         He is a member of the Board of Directors of the Straumann Holding AG, since 2009,
         and Chairman since April 2010. He began as CFO of the Straumann Group in 1998 and
         took over as CEO in 2002, a position he maintained until March 2010. Previously, he
         worked for UBS for 13 years in investment banking.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann holds an MBA from the IMD Lausanne (Switzerland) and a business
         economics degree from the University for Applied Sciences of St. Gall (Switzerland).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">He also serves on the Board as Vice-Chairman of the Moser Group AG and was recently
         nominated for a position on the Board of Bank Julius Bär AG. He is on the Foundation
         Board of the International Team for Implantology (ITI), an independent academic network,
         and a member of the Board for International Cooperation of Canton Basel-City.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann is a Swiss citizen.</span></div>
   <div class="mddLineBreak"></div>
</div>
    </div>
</div>
<div id="vr_inbox4" style="width:670px; display: none;">
    <div style="width:120px; float:left;">
    <img src="../images/vr/felix_meyer_b.jpg" />
    </div>
    <DIV style="margin-left: 125px;">
    <div class="mddContentText">
   <div class="sf_cg_name"><span class="z_sf_cg_name_cs" style="">Gilbert Achermann</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_cg_function"><span class="z_sf_cg_function_cs" style="">Chairman</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann (1964) joined the Board of Siegfried Holding AG in 2011 as Chairman.
         He is a member of the Board of Directors of the Straumann Holding AG, since 2009,
         and Chairman since April 2010. He began as CFO of the Straumann Group in 1998 and
         took over as CEO in 2002, a position he maintained until March 2010. Previously, he
         worked for UBS for 13 years in investment banking.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann holds an MBA from the IMD Lausanne (Switzerland) and a business
         economics degree from the University for Applied Sciences of St. Gall (Switzerland).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">He also serves on the Board as Vice-Chairman of the Moser Group AG and was recently
         nominated for a position on the Board of Bank Julius Bär AG. He is on the Foundation
         Board of the International Team for Implantology (ITI), an independent academic network,
         and a member of the Board for International Cooperation of Canton Basel-City.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann is a Swiss citizen.</span></div>
   <div class="mddLineBreak"></div>
</div>
    </div>
</div>
<div id="vr_inbox5" style="width:670px; display: none;">
    <div style="width:120px; float:left;">
    <img src="../images/vr/Garzetti_b.jpg" />
    </div>
    <DIV style="margin-left: 125px;">
    <div class="mddContentText">
   <div class="sf_cg_name"><span class="z_sf_cg_name_cs" style="">Gilbert Achermann</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_cg_function"><span class="z_sf_cg_function_cs" style="">Chairman</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann (1964) joined the Board of Siegfried Holding AG in 2011 as Chairman.
         He is a member of the Board of Directors of the Straumann Holding AG, since 2009,
         and Chairman since April 2010. He began as CFO of the Straumann Group in 1998 and
         took over as CEO in 2002, a position he maintained until March 2010. Previously, he
         worked for UBS for 13 years in investment banking.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann holds an MBA from the IMD Lausanne (Switzerland) and a business
         economics degree from the University for Applied Sciences of St. Gall (Switzerland).</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">He also serves on the Board as Vice-Chairman of the Moser Group AG and was recently
         nominated for a position on the Board of Bank Julius Bär AG. He is on the Foundation
         Board of the International Team for Implantology (ITI), an independent academic network,
         and a member of the Board for International Cooperation of Canton Basel-City.</span></div>
   <div class="mddLineBreak"></div>
</div>
<div class="mddContentText">
   <div class="sf_body"><span class="z_sf_body_cs" style="">Gilbert Achermann is a Swiss citizen.</span></div>
   <div class="mddLineBreak"></div>
</div>
    </div>
</div>
   
   
   
   
   
    </div>


     <div class="clearer"></div>
<div class="mddBar">
   <div class="mddContentText">
      <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">3.3 Linking directorates</span></div>
      <div class="mddLineBreak"></div>
   </div>
</div>
<div class="mddBarContent">
   <div class="mddContentText">
      <div class="sf_title_level_5-after-4"><span class="z_sf_title_level_5_cs" style="">3.3.1 Corporate linking directorates</span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">Currently, there is no other mutual representation between the Boards of Siegfried
            Holding AG and those of other listed companies.</span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_title_level_5"><span class="z_sf_title_level_5_cs" style="">3.3.2 Linking directorates within the Board</span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">All directorates of the members of the Board of Siegfried Holding AG in other listed
            companies are described under Section 3.2 “Profiles”.</span></div>
      <div class="mddLineBreak"></div>
   </div>
</div>
<div class="clearer"></div>
<div class="mddBar">
   <div class="mddContentText">
      <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">3.4 Election and terms in office</span></div>
      <div class="mddLineBreak"></div>
   </div>
</div>
<div class="mddBarContent">
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">The Board of Directors of Siegfried Holding AG is elected by the General Meeting of
            Shareholders and subsequently constitutes itself. Members of the Board are elected
            in a staggered sequence. Aresolution passed at the General Meeting of May24, 2011
            reduced terms for Board members to a single year, which does not apply to previously
            appointed Board members serving out their terms. Reelection is allowed. Regulations
            specify that members must retire from the Board at the ­General Meeting of Shareholders
            following their 68</span><span class="z_sf_body_cs" style=""><sup>th</sup></span><span class="z_sf_body_cs" style=""> birthday. A special ruling can be made for the Chairman or the Honorary Chairman.</span></div>
      <div class="mddLineBreak"></div>
   </div>
</div>
<div class="clearer"></div>
<div class="mddBar">
   <div class="mddContentText">
      <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">3.5 Internal organization</span></div>
      <div class="mddLineBreak"></div>
   </div>
</div>
<div class="mddBarContent">
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">The Board of Directors is responsible for supervision of the Group and Divisions.
            The Board determines Group strategy, the allocation of resources and the Management
            structure of the Group. It is also responsible for setting the organizational structure,
            accounting, financial control, and financial planning. To the extent it does not exercise
            these duties itself or delegate them to the Chairman of the Board of Directors, the
            Board delegates management of the business to the CEO of the Siegfried Group.</span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">Decisions are made by the entire Board of Directors. Three Committees assist them:</span></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Audit Committee</span></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body_enumeration"><span class="z_sf_body_enumeration_cs" style="">– Human Resources Committee</span></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body_enumeration_last"><span class="z_sf_body_enumeration_last_cs" style="">– Strategy Committee</span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">The responsibilities and competencies of the Committees are set forth on page 52 in
            the appendix of the Siegfried Group company regulations. </span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">The committees of the Board of Directors evaluate important issues prior to Board
            meetings. The Chairman of the Board, the CEO and CFO, the responsible Executive Management
            members and the Secretary to the Board attend these meetings. The Committee submits
            recommendations on the pending issues to the Board.</span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">During the business year, the Board of Directors met for six meetings, a strategy
            seminar and a special meeting. In addition, numerous teleconferences were held. A
            majority of the Board was always present. </span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">During the year, the Audit Committee met four times, the HR Committee twice, and the
            Strategy Committee four times. The following overview shows the composition of the
            Board Committees:</span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentTable">
      <table border="0" cellspacing="0" cellpadding="0" width="740px">
         <tr valign="bottom">
            <td height="18" style="line-height:1.0em; padding-bottom:2px;">
               <div><span class="TableHeader">Committee</span></div>
            </td>
            <td width="3"></td>
            <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader">Chair</span></td>
            <td width="3"></td>
            <td style="padding:0 2px 0 2px; line-height:1.2em; " align="left"><span class="TableHeader">Members</span></td>
            <td width="3"></td>
         </tr>
         <tr>
            <td colspan="5" class="blueLine"></td>
         </tr>
         <tr valign="bottom">
            <td height="16">
               <div><span class="TableData"><b>Audit</b></span></div>
            </td>
            <td width="3"></td>
            <td style="padding:0 2px 0 2px; " align="left" nowrap><span class="TableData">Thomas Staehelin</span></td>
            <td width="3"></td>
            <td style="padding:0 2px 0 2px; " align="left" nowrap><span class="TableData">Reto Garzetti, Thomas Villiger</span></td>
            <td width="3"></td>
         </tr>
         <tr>
            <td colspan="5" class="blueLine"></td>
         </tr>
         <tr valign="bottom">
            <td height="16">
               <div><span class="TableData"><b>Human Resources</b></span></div>
            </td>
            <td width="3"></td>
            <td style="padding:0 2px 0 2px; " align="left" nowrap><span class="TableData">Gilbert Achermann</span></td>
            <td width="3"></td>
            <td style="padding:0 2px 0 2px; " align="left" nowrap><span class="TableData">Andreas Casutt, Felix K. Meyer</span></td>
            <td width="3"></td>
         </tr>
         <tr>
            <td colspan="5" class="blueLine"></td>
         </tr>
         <tr valign="bottom">
            <td height="16">
               <div><span class="TableData"><b>Strategy</b></span></div>
            </td>
            <td width="3"></td>
            <td style="padding:0 2px 0 2px; " align="left" nowrap><span class="TableData">Thomas Villiger</span></td>
            <td width="3"></td>
            <td style="padding:0 2px 0 2px; " align="left" nowrap><span class="TableData">Beat In-Albon, Felix K. Meyer</span></td>
            <td width="3"></td>
         </tr>
         <tr>
            <td colspan="5" class="blueLine"></td>
         </tr>
      </table>
      <div class="mddLineBreak"></div>
   </div>
</div>
<div class="clearer"></div>
<div class="mddBar">
   <div class="mddContentText">
      <div class="sf_title_level_4"><span class="z_sf_title_level_4_cs" style="">3.6 Executive Management information  and control instruments</span></div>
      <div class="mddLineBreak"></div>
   </div>
</div>
<div class="mddBarContent">
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">Information is based on monthly reporting that is structured as follows: revenues
            and company earnings for the Group are presented in detail and compared with the budget
            and the previous year’s results – including a financial forecast for the entire year.
            Quarterly comments focus on any deviations from plan, important business incidents,
            and key performance indicators. A five-year plan is outlined as part of the mid-term
            outlook.</span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">The IKS internal control system and risk Management (described in detail on pages
            20-26 of the Financial Statements) are additional aspects of the information and control
            instruments. </span></div>
      <div class="mddLineBreak"></div>
   </div>
   <div class="mddContentText">
      <div class="sf_body"><span class="z_sf_body_cs" style="">The results are discussed and evaluated with the CEO and CFO at the Board of Directors
            meetings.</span></div>
      <div class="mddLineBreak"></div>
   </div>
</div>

   

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